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By N. L. Wimmler

The Metaline mining district was examined in 1942 by Bureau of Mines engineers with the cooperation of geologists of the Federal Geological Survey. Because the demands of war production were rapidly depleting reserves in some of the older zinc-lead producing districts of the United States, it was decided that an attempt should be made to increase the proved or indicated ore reserves of the Metaline district. With this objective, certain areas to be explored by diamond drilling were selected. The Bureau of Mines began work on this program. January 15, 1943; work terminated September 8, 1945. Forty-five holes were drilled in seven areas, The holes ranged from 154 feet to 2,050 feet in length. Their combined length was 38,150 feet. Thirty-three of the holes were drilled in. the North Pend Oreille and the West Bella May areas.

Jan 1, 1949

A Little Book on the Assaying of Gold, Silver, Copper, and Lead. Also on How to Assay and Work profitably All Minds of Metal. Complied with great care for the benefit of all mintmasters, assay masters, gold= smiths, miners, and dealers in metals.

Jan 1, 1949

By M. H. Kline

The Chestatee mine is one of several well known pyrite deposits in Georgia that are reputed to carry appreciable quantities of copper with the ore. The deposit is? in Lumpkin County on the Chestatee River, 6 miles northeast of Dahlonega (fig. 1). Old records and reports indicated the probable existence of an extensive unmined ore body, but the mine is inaccessible at present. The Bureau of Mines, after studying old maps and records, decided to cor8-drill along the strike of the lense beyond the limits of the indicated old workings in an attempt to extend the possible reserves. The advantageous location of the property indicates that it could become an economic source of pyrite to be used for the manufacture of sulfuric acid. Iron sinter resulting from the roasting of the ores could be sold at a premium in the Birmingham, Ala., area, and the copper content could be extracted to help replace the nation's depleted resources of this metal.

Jan 1, 1949

By A. M. Christie

Acknowledgements The following account has been compiled mainly from records and maps of Eldorado Mining and Refining (1944), Limited, hereinafter called the Crown Company. This work was done under the supervision first of R. F. Murphy, Chief Geologist, and later of E. B. Gillanders, Eldorado Mine Manager and Manager of Eldorado Exploration Division. W. F. James and B. S. W. Buffam are consulting geologists. Since 1946, S. N. Kesten has supervised geological work for the Company in the Goldfields area. Where maps of Eldorado properties have been included in this paper, the name of the geologist who examined the property is acknowledged on the map. Outline of General Geology The geology of the area is described in the Goldfields and Martin Lake preliminary maps of the Geological Survey and accompanying Paper 49-17. In brief, the Tazin series of Precambrian age, consisting mainly of sediments with minor interbedded volcanics and basic intrusives, is intruded and replaced by granite, now generally gneissic. The late-Precambrian Athabaska series of conglomerate and arkose, with interbedded basalt and andesite flows, rests unconformably on the older rocks. All these rocks are cut by small diabase dykes. The geological terms used in this paper and in the accompanying figures are standard with the exception of the term 'mafic rocks'. These include all the basic or dark coloured rocks of the Tazin group, such as amphibolites, biotite schists, and chlorite-epidote rocks (greenstones), whether they be of extrusive, intrusive, or sedimentary origin.

Jan 1, 1949

By Leonard D. Jaffe

In recent years, the advantages of tempered martensite as a microstructure for steel parts have been well established. For parts that must not fracture brittlely when loaded at high rates, at low temperatures, or under conditions of combined stress, tempered martensite is especially desirable. One of the factors that determine whether a steel part will have a martensitic structure after heat treatment is the hardenability of the steel. Despite the large amount of recent research, there are still many unsettled basic questions concerning hardenability and its relation to chemical composition, and, indeed, considerable disagreement among investigators in the field. Much of the uncertainty that beclouds the existing knowledge of hardenability arises from the fact that hardenability is still a wholly empirical concept, and has not been quantitatively related to the more fundamental knowledge of isothermal decomposition of austenite. Hardenability is, essentiaily, a measure of the time required for small percentages of austenite to decompose, during continuous cooling, to pearlite, bainite, proeutectoid ferrite, or proeutec-toid carbide. In the practical heat-treat- ment of steel, also, the decomposition of austenite is usually not isothermal but rather during cooling, or, in general, is not at a single constant temperature. Thus, both hardenability and practical heat treatment involve anisothermal decomposition of austenite. In a previous publication1 the author and his collaborators outlined the principles that govern the relations between isothermal and anisothermal decomposition of austenite, and reviewed the experimental information available in 1945. To avoid repetition, familiarity with that article (Paper I) will be assumed, and attention given primarily to work carried out or published since 1945. The method generally employed was explained in Paper I: anisothermal transformation is studied through investigation of the effect of holding austenite at one temperature upon its subsequent decomposition at another temperature. Both temperatures are below the stability range of the austenite. This paper is confined to studies in which only a small amount of transformation occurred at the first temperature. This is the only case of importance in practical heat treatment when an essentially martensitic structure is sought. Materials and Procedure It was necessary to use different steels for the studies involving proeutectoid ferrite and for those involving proeutectoid carbide, beeause the two constituents have not been found to form in the same steel. Several steels were tried and rejected

Jan 1, 1949

By John C. Calhoun, Raymond G. Loper

Theoretical calculations for the decline of pressure and the variation of instantaneous producing gas-oil ratio with increased cumulative production have been made for reservoir systems under various producing drawdown values and for various spacings. These variables have been included by a modification of previously Published techniques. This consists essentially of utilizing a radial system flowing gas and oil in a succession of steady state calculations. The results of the calculations do not show any variation in the predicted behavior of the internal gas drive reservoir when either the drawdown or the spacing are changed. The prediction of performance on an internal gas drive reservoir has been presented by various authors. ',"' These predictions are in the form of a pressure decline and an instantaneous producing gas-oil ratio as a function of cumulative oil withdrawal. In making these predictions a basic assumption has been that the saturation of the reservoir is uniform throughout at any time, or that the pressure differential imposed on the reservoir system is zero. Because of these assumptions the validity of such predictions has been questioned. Their application to actual systems, where saturations are not uniform and where producing differentials exist, has been a hazardous procedure. The authors cited have used different methods of approach to the derivation of equations for making their predictions and for arriving at a solution of both equations, but basically the same relationships are utilized in each case. In all instances the instantaneous producing gas-oil ratio is calculated from the equation: In utilizing this equation an average reservoir pressure and an average reservoir saturation must be known, the former to define ß, v, s, and uo/ug and the latter to define kg/ko. Predictions can be made, therefore, only for the conditions of a uniform reservoir saturation and a uniform reservoir pressure. This restriction of requiring a uniform oil saturation can be resolved by applying two-phase steady state flow for the radial system to the reservoir's history. Radial steady state flow is defined when the ratio of phases flowing,

Jan 1, 1949

By Carlton D. Hulin

The usual concurrence in time and space of intrusive igneous activity, favorable structural disturbance and mineralization, which is so manifest in the mineralized district necessarily indicates a close interrelationship between these events. Evaluation of available evidence leads to the recognition that an appreciable time interval exists between the emplacement of the igneous intrusive and the formation of associated ore deposits. During this interval known portions of the intrusive are completely solidified, highly differentiated magma facies are injected as dikes, and important faulting occurs, which may fracture and shatter the solidified intrusive body. The highly differentiated dike types could only have originated in some deep portion of an underlying plutonic body that had reached an advanced stage of magmatic differentiation. Appearing after these dikes, the mineralizing solutions may likewise be presumed to have originated at great depth. Certainly no source for these solutions can be found in near-by portions of the intrusive igneous body. The association of igneous intrusives and clustering ore deposits must be recognized as resulting from structural control. The emplacemerit and the subsequent solidification and cooling of the intrusive set in operation forces that are responsible for the favorable structural disturbances that control the mineralized district. The emplacement of the body of fluid magma weakens the crustal rocks to the extent that failure due to strains originally present in the rock body may occur. Faulting of any type and of any magnitude may be the result. Subsequently, owing to the change of state from fluid magma to crystalline granitic rock, volume decreases approximating 10 Per cent may Occur, with resultant shrinkage and collapse within the rock body. Following solidification, thermal contraction, induced by cooling of the rock body, causes a further volume reduction of 6 per cent. This thermal contraction, extending over a lengthy period of time, results in a succession of minor fault movements. These small fault movements, occurring progressively throughout the period of mineralization, are responsible for maintaining the permeability of the rock body, without which access of the mineralizing solutions and the formation of the ore deposits of the mineralized district would be impossible. Introduction A proper understanding of the causes that have localized our mineralized districts should be of considerable value to geologist and engineer alike. under current conditions the known ore reserves of productive mining camps are being rapidly depleted. Although ore of the future will be derived in part from deposits now known and from Ore bodies that are still to be discovered within the limits of productive mining districts, in part at least it must come from mineralized districts whose existence or importance yet remain to be recognized. The mining geologist is thus faced with two problems of paramount importance: (I) the location of new ore bodies within known mineralized areas and (2) the location of new mineralized districts within whose confines, previously unknown, valuable Ore deposits may occur. Any contribution to our knowledge concerning the causes for the localization of mineralized districts

Jan 1, 1949

By Phillip B. Bucky, Fred D. Wright

The present known petroleum reserves are limited, and unless important new fields are discovered the Nation will be dependent, in the not too distant future, upon imports or upon synthetic liquid fuels to supplement domestic petroleum supplies. As a national defense measure, it would appear desirable to develop a substitute source of liquid fuels within the borders of the country if new discoveries of petroleum should Prove disappointing. Congress undoubtedly had this in mind when it passed the Synthetic Liquid Fuels Act (78th Congress, approved April 5, 1944). The act directed the Bureau of Mines to construct and operate demonstration plants for producing synthetic liquid fuels from coal and oil shale, and from forestry and agricultural products. As a part of this program, the Bureau of Mines has built a demonstration plant at Anvil Points, near Rifle, Colo., for retorting the oil shale, and has developed a mine to supply the plant with oil shale. At the beginning of mining operations, the physical qualities of the oil shale, which would have a bearing upon the selection of mining methods and practices for exploiting the deposits, were largely unknown. A comprehensive mining-research program has been set up to determine the best methods and practices to follow to obtain the lowest overall practicable mining cost for producing the oil shale on a large scale. Unusually low mining costs will be necessary for shale oil to be produced commercially. Consideration now is being given to exploiting a series of flat-lying beds 70 ft thick by a room-and-pillar method of three benches with the advance heading at the top. This report is one of a series giving the results obtained in research on mining problems, The structure and physical qualities of the oil shale indicate that the 70-ft interval of the oil-shale measure can be safely mined in open stopes; studies indicate that this method would be the most economical one to use.' As labor will be a major item of expense, the largest equipment that could be operated efficiently in the workings would be required to obtain the lowest practicable mining Cost. It Was therefore desirable to know the maximum safe span of unsupported rooms and the size of pillars necessary to support the overburden. This paper describes the work done at the Columbia School of Mines Barodynamic Laboratory in determining the maximum safe unsupported roof spans and the minimum safe pillar dimensions for the oil-shale mine at Rifle, Colo.

Jan 1, 1949

The purpose of this paper is to list by tabulation and flow sheet, the operating equipment and installations in use at Rosebery, and to refer to particular items which may be of interest for purposes of comparison, or because they possess some unusual feature. The general perspective has been taken from the viewpoint of operating and maintenance experience.The sequence begins with ore breaking and transport and proceeds through milling operations. The paper is in two sections, first, mechanical equipment, second, electrical equipment. A brief outline of a scheme for using gravel wash for stope filling, which is in course of installation, has also been given.

Jan 1, 1949

By M. B. Ramachandra Roa

This paper records the results of the earth resistivity surveys made in the Godavari River in connection with the Ramapadasagar project. After describing the topographical and geological features of the area, the results of the investigation at the several sites have been mentioned. Further, a detailed account has been given of the resistivity methods adopted, the apparatus used and the interpretation of the curves. The resistivity measurements carried out over the water course have been specially outlined, and a review of the verification of the electrical indications by drilling in a number of cases, has also been presented. Introduction The Government of Madras has under consideration the Ramapadasagar project which is estimated to cost some Rs.660,-000,000 (about two hundred million dollars). The most essential feature of this project is the construction of a high dam across the Godavari near Polavaram for impounding the waters of this great river of South India, whose maximum discharge is 2 million cu secs in flood time. It is estimated that when the proposed reservoir is constructed, about one million tons of rice could be produced annually under irrigation. To those who have had any acquaintance at all with the recent distressing famine conditions which India has passed through and is still undergoing, the Lounteous effects which this project will bring about to the country in the future, are obvious. In the region of the proposed reservoir, the river flows for several miles through a hilly tract, hemmed in between flanks of hard, solid rock; but the river bed is mostly sandy. A few bore holes put down in this sandy bed touched rock at a depth of 180 to 200 ft. The river bed is about jo ft above the mean sea level (m.s.l.) and the bedrock was found at —125 to —160 ft m.s.l. The crest of the dam is proposed at +162 ft m.s.l. The proposed dam mould therefore be about 120 to 130 ft above the river bed, and the foundations would have to reach down nearly zoo ft below the bed at the deepest part. A number of alternative sites were proposed for investigation, and it became necessary to quickly ascertain the bedrock topography at these sites. Dr. M. S. Krishnan,* who was consulted in the matter, furnished a detailed account of the geological features of the region and suggested a geophysical investigation which the writer carried out from February to April 1944, employing solely the electrical resistivity methods. The total length of the survey lines for the electrical measurements amounted to 62,600 ft and the number of resistivity determinations was about 2500. Altogether nine alignments for the dam were inten-

Jan 1, 1949

By Nelson Hogg

"THE NOR-ACME gold mine is located close to the north shore of Snow Lake, at 54°53' north latitude and 100°03' west longitude. It is about 75 air miles east of Flin Flon, and 36 miles by road from Wekusko at Mile 81 from The Pas on the Hudson Bay Railway.The claims which contain the Nor-Acme orebodies were staked in 1927 by C. R. Parres, who, with his sons, held the ground until 1938 when Nor-Acme Mines Limited was incorporated. In 194 l, on the recommendation of F. Ebbutt (1), this property was optioned by the Howe Sound Exploration Company, Ltd. A program of 50,000 feet of diamond drilling resulted in the outlining of two orebodies containing an estimated 5,000,000 tons with an average grade of 0.15 ounces per ton to a depth of 1,000 feet.A period of inactivity during the war years was followed by the construction of a mining plant capable of treating 2,000 tons of ore per day. Milling started in March 1949, and to the end of 1954 has resulted in the production of 383,793 ounces of gold and 32,906 ounces of silver from 3,331,403 tons of ore.General GeologyThe general geology of the Snow Lake area is described by J. M. Harrison (2), and will not be discussed here except insofar as it affects the Nor-Acme orebodies. The orebodies occur in rocks of Precambrian age that have been classified by Harrison as the Snow group, comprising meta-morphosed sediments interbedded with acid and basic volcanic rocks. The volcanic rocks include pyroclastic types which are unique in the region, a fact which led to their classification in the Snow group rather than the more widespread Missi group that generally occupies the same stratigraphic position above the Amisk group (Figure 1)."

Jan 1, 1949

By A. L. Engel

The sample of ore on which the work described in this paper was done came from Mina Oriente, Carrizal Bajo, Provincia de Atacama, Chile, South America, and was sent at the request of the Chil.ean Government through the Foreign Minerals Division of the Bureau of Mines. This ore had been tested locally for treatment by flotation and cyanidation without satisfactory results. An additional difficulty was the absence of water near the ore deposits, so that in any treatment method considered the water requirements would have to be very low. It was desired to develop a practical method of recovering the gold and, if possible, the copper in the area. No data of previous investigations were made available. The sample received was mostly quartz, highly brecciated, with limonite and hematite in the fractures. Copper occurred as malachite and azurite, also in the fracture s and to a slight extent as a stain in the quartz. Some fine-grained pyrite with a little arsenopyrite occurred within the quartz. An occasional grain of chalcopyrite was observed. No free gold was seen during examinations of the ore, but amalgamation indicated that some was present.

Jan 1, 1949

By G. Sachs, L. J. Ebert, W. F. Brown

Isothermal transformation, or "aus-tempering," of a carbon-containing aus-tenite at elevated temperatures yields so-called "intermediate products." Their structure and properties are, for a given hardness, rather different from those of "tempered martensite" obtained on conventional quenching and tempering.' Several investigators2,3 have found that for high carbon and slightly alloyed steels the intermediate products formed at temperatures close to that of the martensite reaction possess strength properties superior to those of tempered martensite. The structure of these low temperature, intermediate products is generally acicular (bainite) but clearly different from that of martensite. However, at higher austempering temperatures, between 1000 and 1300°F (540 and 700°C) carbon steels were found to exhibit a rather low ductility.4,5 Thus notch bar tensile tests showed the ratio between notch strength and regular tensile strength to decrease with increasing austempering temperature. For ductilities below a few percent this notch strength ratio is a measure of ductility, according to investigations on low alloy steels.637 Furthermore the presence of intermediate products formed unintentionally on quenching was considered as responsible for the low ductility and impact energy of some heat treated steels,8 These intermediate products could result from partial transformation at the so-called "nose-temperature" where the rate of the transformation is a maximum. Tempering improved such mixtures of martensite and intermediate products, their properties approaching those of tempered martensite of equal hardness. The following investigation constitutes an attempt to determine certain strength properties of a partially austempered and subsequently quenched low alloy steel, namely, a chromium steel (SAE 5140) The structures formed by such a treatment should consist of a mixture of intermediate products formed on austempering and a martensite formed on oil quenching from the austempering temperature. It was intended, by varying the austempering time, to vary the quantity of the intermediate products between zero and 100 pct. The austempering temperature of 860°F was selected after extensive preliminary tests close to the nose-temperature. Austempering at this temperature yielded an acicular intermediate product. .Additional tests under less exacting conditions were made for an austempering temperature of 950°F where the intermediate product appeared to be very fine pearlite. To determine the effects of tempering on structures containing various amounts of

Jan 1, 1949

By G. Sandoz, C. A. Siebert

Oil quenching of steel, in good commercial practice, is carried out using a great deal of agitation in the quenching bath. Many of the tests reported in the literature represent the results obtained on steels quenched into still oil. Scott1 describes three stages of cooling in liquid quenching baths, namely: "State 'A'— Vapor Blanket Cooling—In this, the first stage, a thin stable vapor film surrounds the hot metal. Cooling is by conduction and radiation through the gaseous film and is therefore relatively slow. "Stage 'B'—Vapor Transport Cooling— Termination of the 'A' stage is marked by wetting of the metal surface. Vapor forms copiously in bubbles and is carried away by gravity and convection currents to condense in cooler surrounding liquid. This is the fastest stage of cooling. "Stage 'C'—Liquid Cooling—The 'B' stage ends as the surface temperature of the metal approaches the boiling point of the quenching liquid. Vapor no longer forms, so cooling is by conduction and convection and the temperature difference is greatly decreased. This mode of cooling is slower than that of the 'B' stage." Mechanical agitation of the quenching medium will accelerate all three stages of cooling. The greatest effect, however, will be noted on stage ' B' because the removal of the bubbles from the surface of the steel will not be entirely dependent upon gravity and natural convection currents. The method employed in this investigation for evaluating the oils was the end quench test. The various oils were substituted for water as the quenching liquid and hardness determinations were made at various distances from the quenched end. Most of the tests were run using a 3/8-in. orifice with a 21/2-in. stream height. However, to check the effect of other velocities two additional conditions were used, namely: (I) A 3/8-in. orifice and I-in. stream height, and (2) a 1/2-in. orifice and a 31/2-in. stream height. In all cases the samples were suspended so that the quenched end was 1/2-in. above the orifice. Some tests were run on an NE 8740, .3,312, and a 4340 steel. The results obtained on these steels confirmed those obtained on the NE 9450 and have therefore been Omitted from this paper. The test bars were machined from 1/8-in. stock to I-in. diam by 4 in. long.

Jan 1, 1949

By D. J. McAdam, G. W. Geil, D. H. Woodard, W. D. Jenkins

.In a series of papers, the authors and their associates have shown that the resistance of a metal to fracture is a function of all three principal stresses. Consequently since a technical cohesion limit is defined as the technically deter-minable resistance to fracture under a specific stress system, the technical cohesive strength comprises an infinite number of technical cohesion limits corresponding to the infinite number of possible combinations of the principal stresses. As shown in the previous papers, the technical cohesive strength increases with plastic deformation, with decrease in temperature, and with increase in the strain rate. The technical cohesion limit, therefore, is affected by the same factors that affect the flow stress,$ namely, the stress system, plastic deformation, temperature, and the strain rate. The effect of each of these factors on the fracture stress is qualitatively the same as its effect on the flow stress. The effect of any of the factors may be represented by a curve of cohesion limits, although only one point on the curve may represent actual fracture. Since the term "fracture stress" has come into general use with the same significance as technical cohesion limit, the authors are here using the shorter term with the understanding that it does not always refer to actual fracture. In the general investigation described in the previously-mentioned papers, 10-18,20,21,23 the influence of the stress system on the fracture stress was studied by means of tension tests of notched specimens. When a circumferentially notched cylindrical specimen is subjected to longitudinal tension, the minimum cross section is under transverse radial tension. The mean radial stress increases with the depth and sharpness of the notch, but is always less than the longitudinal stress. The greatest principal stress (S1), therefore, is longitudinal, and since the radial stress is effectively equal to the circumferential stress, the transverse principal stresses are equiaxial in that plane (Sz = S3). By the use of notched specimens in tension tests it was shown that the fracture stress increases with increase in the radial stress ratio (s3/s1) The evidence is based not only on the results of tests to fracture at various constant temperatures, but also On results of two-stage tests, in which each specimen was plastically deformed a predetermined

Jan 1, 1949

By R. I. Jaffee, J. G. Dunleavy, W. Hodge, H. R. Ogden

Jan 1, 1949

By F. C. Wagner, E. P. Klier, D. E. Nulk

The presence or absence of plastic strain at a cleavarage surface is a question of much importance, and upon its answer depends future possible theoretical work. To investigate this question back-reflectinn X ray patterns were obained on the cleavage facets of ferrite grains. The test set-up consisting of FeK colli- mated radiation, single grain material and stationary cassette and specimen will not lead to a diffraction pattern, in general, but is an ideal arrangement for the exami-nation of surface effects. A pattern taken on hydrogen purified

Jan 1, 1949

IntroductionHistory of MineTopographyGeology of AreaGeneral DescriptionIgneous Rock TypesGranodioriteQuartz monzoniteApliteGranite porphyryMetasomatic ActionAlteration of monzonite/Alteration of apliteGeology of Ore BodyNature of OreZones of MetasomatismAssociated Fracture PlanesDistribution of Copper MineralisationNature of Copper VeinsQuartz-chalcopyrite veinsQuartz-calcite-chalcopyrite veinsEuhedral quartz veins/Non-euhedral quartz veinsStructures Accompanying Ore BodyApliteIntersecting lines of metasomatised monzoniteMetasomatised aplite

Jan 1, 1949

By J. W. Craig, H. L. Walker

Industry has for many years recognized the dependence of certain mechanical and physical properties. as well as workability, upon grain size variations in brass. Although the dependence of properties upon grain size has been recognized there are not many instances where a planned program of testing has been conducted and where the only intentional variable has been grain size. In particular the literature is limited with respect to the effect of grain size on the endurance limit, though there are many industrial applications where the brasses are subjected to cycles of repetitive stresses. Literature A number of the physical and mechanical properties of a given brass sheet, in the annealed condition, will depend upon: (I) The ready-to-finish grain size before final rolling, (2) the percentage deformation by cold working, and (3) the time and temperature of annealing. The first and second variables affect the recrystallized grain size, and the third variable affects the coalesced grain size. Gibbsl has shown the effect of two different ready-to-finish grain sizes upon the tensile strength and hardness of deep drawing brass strip after a definite amount of cold rolling. The smaller the ready-to-finish grain size, the higher the tensile strength and hardness, but with lowered ductility, Gibbs also demonstrated, for a given time and temperature of anneal, that the tensile strength, hardness, and elastic limit are higher for the smaller ready-to-finish grain size, but the elongation is lowered. Townsend and Greena112 have reported data which show that cold working increases the tensile strength, hardness, and load carrying ability of deep drawing brass sheet under reversed stress. Greenall and Gohn3 have reported data which show that the smaller grain sizes have higher tensile strength and hardness properties, and the data also show that increased cold working increases the tensile strength and hardness properties of deep drawing brass sheet. Kommers4 has reported data for tests of brass of known ready-to-finish grain size, a specific amount of cold reduction, and annealed at different temperatures above and below the recrystallization temperature. Kommers' results indicate that annealing below the recrystallization temperature does not change the tensile strength and hardness properties, but the endurance limit may be increased from 22,000 to 28,000 psi. The increased endurance limit is explained as resulting from the reduction of internal stresses by a stress-relief anneal. Burghoff5 and associates have reported data on creep tests, over

Jan 1, 1949

By Balmer Neilly

To one with so little experience in matters pertaining to currency, international finance, and foreign trade, this is surely an ambitions venture on my part. However, this is a subject of prime importance to all seriously minded Canadians and, if we are to obtain any clear understanding of the factors involved, we must study the facts and debate such points as may remain at issue. During the last few years, the world' s better known economists have described the gold standard in all its ramifications and in such detail as to leave many of us even more confused than before. If we, then, are to acquire any real conception of its meaning and use, I think we must reduce it to its fundamentals and start from there. To my way of thinking, gold in ? trade and commerce is the symbol of honesty. When you seek to discharge a debt by tendering paper you hand the recipient an I.O.U. which may or may not be good, for the purchase of goods or services to the extent of its face value. When, however, you discharge a debt by the payment of gold, it constitutes a complete and final discharge. There are no reservations - no ifs and ands - and the transaction is definitely closed to the satisfaction of all concerned. Gold, then, is evidence of accumulated and transferable wealth that is immediately acceptable in practically every part of the world. However, there is not nearly enough gold to meet the demands of world trade, and. many years ago this deficiency gave rise to what we now describe as our banking system.

Jan 1, 1949